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First Gulf Bank has been mandated by Mercuria Energy Trading Pte Ltd, one of the world’s largest independent energy traders, as one of 11 international Bookrunning Mandated Lead Arrangers (BMLAs) to arrange its USD 500 million Syndicated Revolving Credit Facilities (RCF).
FGB was the only bank from the Gulf region chosen to arrange these Credit Facilities, comprising a 364-day USD 360 million Facility and a three-year USD 140 million Facility. FGB, through its Singapore Branch, is joined by Australia and New Zealand Banking Group Limited (ANZ), BNP Paribas, DBS Bank Ltd., The Hongkong and Shanghai Banking Corporation Limited (HSBC), ICBC (London) Limited, ING Bank N.V., The Royal Bank of Scotland plc, Société Générale Corporate & Investment Banking, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation.
Andre’ Sayegh, CEO of FGB said: “By appointing First Gulf Bank as one of the international BMLAs and the only mandated bank from the Gulf region for the RCF, the Mercuria Energy transaction has reaffirmed our position as a major leading financial institution in the Gulf region. We recognize the significance and importance of this mandate and look forward to working along with the other BMLAs towards achieving our mutual goals alongside Mercuria Energy.”
The international transaction roadshow kicked off in Dubai on 3rd October 2012, moved to Taipei and Singapore on 5th and 8th October 2012 consecutively, ending in Shanghai on 10th October 2012. Signing of the final loan documentation relating to the RCF will take place on 30th November 2012. Proceeds of the Facilities are to be used to refinance Tranche A of the USD 755 million syndicated revolving credit facility documented in an agreement dated 7 December 2011 and to finance the working capital requirements of Mercuria Energy.
Sayegh added: “Closing this transaction is a direct result of the bank’s solid foundation. It goes in line with our business strategy, which clearly reflects the high level of confidence that investors and peers have in our bank and its ability to provide sustainable value to all FGB stakeholders.”
Founded in 2004, Mercuria now ranks amongst the world’s largest independent energy traders. Mercuria is a privately-owned group of companies active over a wide spectrum of global energy and commodity markets, including crude oil and refined petroleum products, natural gas (including LNG), power, coal, biodiesel, carbon emissions as well as base metals and agricultural products.
Recently FGB received an overwhelming endorsement from its investors via a 4 times oversubscription of its USD 650 million 5-year Euro Medium Term Note Programme (EMTN) conventional Bonds issuance, which received a total subscribed value over USD 2.7 bn. In November 2009 FGB raised under this programme USD 500, million senior unsecured three-year notes. The bank has also issued in January 2011 under the same programme five-year 200 million Swiss franc (USD 206 million) notes.
Under its FGB Sukuk Company Limited USD 3.5 billion Trust Certificate Issuance Programme, the bank had two very successful issuances of Sukuk (Islamic bonds), USD 650 million in July 2011 and USD 500 million in January 2012. Both were oversubscribed by many folds.
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